Nigerians may not be having it easy in the past weeks as prices of major household items continue spike while sellers across major markets in Lagos State also lament low sales. The latest Household market survey conducted by Nairametrics Research Team reveals.
According to the latest survey conducted by the Research Team, household items such as Frozen Fish, Onions, Yam, Pepper and Melon recorded significant increase in price over the past two weeks. Specifically, a slate of frozen fish now sells for as high as N22,000, while the price of a big bag of New Onions jumped from an average of N17,500 to a current average of N25,000
Also, a big tuber of Abuja Yam currently sells for an average of N875, 2.94% increase compared to N850 recorded in the later part of February while a smaller tuber sells for an average of N638. Meanwhile, items such as tomatoes and palm oil recorded drop in prices over the past two weeks.
This report highlights items that witnessed increase in price, items that witnessed reduction in price, items that maintained initial prices, Special markets and Market insights.
READ MORE: Prices of tomatoes, garri, potatoes, others jump as low inventory hits major markets
Items that witnessed price increase
Some of the items that recorded uptick in prices in the last two weeks include onions, pepper, fish, bread, and melon seeds.
- A big bag of new onions currently sells for an average of N25,000 from an initial N17,500, while dry onions are now available in the market but increased to an average of N30,000.
- The price of a bag of melon seeds increased to an average price of N49,000 from an initial average of N48,000, indicating a 2.08% increase.
- A big bag of pepper currently sells for an average of N7,500. This is a 7.14% increment compared to N7,000 recorded two weeks ago.
- A loaf of Val-U bread is currently sold for an average of N360, from an earlier average of N350.
- The price of fish also recorded slight increase compared with what was witnessed in February, as one big Kote fish currently sells for an average of N525, indicating a 9.4% increase from an initial price of N480.
- One big Titus fish also increased by 5.1% to sell for an average of N513 from an initial average of N488.
- A big bag of white maize increased to N16,000 from an initial average of N15,500 recorded two weeks ago.
- A 500g size of Bournvita (refill) that was previously sold for an average of N925 is now sold for an average of N950.
Items that witnessed price decrease
- A 25-litre gallon of palm oil sells for an average of N9,375. 3.85% decrease compared to N9,750 recorded two weeks ago.
- Also, a 5-litre gallon of palm oil reduced by 22.4% to sell at an average of N1,650.
- A big basket of round shaped tomatoes sells for an average of N7,500 this week, compared to N8,000 recorded two weeks ago. This represents a 6.5% reduction in price.
- A medium sized basket of round shaped tomatoes currently sells for an average of N3,500, a 12.5% reduction compared to N4,000 recorded the last time.
Items that maintained initial prices
Household items that maintained their initial prices include locally and foreign-made rice, beans, garri, and potatoes.
- Royal Stallion rice still sells for an average of N27,000 while Caprice costs an average of N25,750.
- Mama Gold and Mama’s Pride continue to sell for an average of N19,250.
- A bag of brown beans (Oloyin) still sells for an average of N12,500, as white beans maintains its initial price of N18,250.
- Dangote Flour and Honeywell Flour continue to sell for an average of N11,100 and N11,200 respectively, same as recorded two weeks ago.
- A crate of eggs sells for average of N975; the price of Cway Bottled water also remained at an average of N613.
- Household cooking gas is still being refilled for the same price as recorded two weeks ago: 12.5kg (N4,000) and 5kg (1,725).
READ MORE: Alert: Tomato prices are up by over 80% in these Lagos markets
Special Markets
- The price of frozen fish continues to increase, as dealers across the various markets lament low sales. A “bazo” slate of fish is currently sold for an average of N19,000, while “Fuel” costs an average of N22,000.
- The low of turn out of sales is feared by many traders to be due to the Coronavirus case in Lagos announced in the end of February, although it remains to be seen if one has anything to do with the other.
- The price of imported frozen items such as chicken and turkey still maintain their initial prices as reported earlier in the year.
- Turkey – N13,500
- Orobo Chicken – N12,000
- Full Chicken – N12,000
- Chicken Lap – N12,000
READ ALSO: Quality of local rice improves as food prices drop across major markets
Market Insights
- Dry onions, which were not sold in the various markets in the later part of February due to weather conditions and supply, were sighted at Mile 12 market but with a significant 36.36% increase in price as a large bag currently sells for an average of N30,000.
- New onions also increased from an initial average of N17,500 to N25,000, thereby indicating a 42.9% increase in two weeks. In an interview, one of the sellers who wished to remain anonymous told Nairametrics Research that, “though there is large supply of the commodity in the market, the price of onions just increased significantly for reasons not known to us”. He went further to express hope that the commodity would reduce in time because the price is scaring off potential buyers from the market.
- Despite the reduction recorded in the price of round shaped tomatoes, traders of the commodity lament that the price is still on the high side, as they could sell for as low as N4,000 and N5,000. Meanwhile, the big basket sells for an average of N8,500 in the early hours of the day, and N7,500 by noon.
About Nairametrics Food Price Survey
The Nairametrics Food Price Watch is a bi-weekly household market survey that covers the prices of major food items, with emphasis on five major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market, Idi-Oro Market and Mile 12